Financial News: Swiss KOF Leading Index Logs Record Fall Amid

Swiss KOF Leading Index Logs Record Fall Amid Covid-19 Crisis

04/30/2020 - 04:16:00 (RTTNews)

(RTTNews) - A leading indicator of the economic trends in Switzerland's economy logged its biggest fall on record in April, after the coronavirus, or Covid-19, outbreak and subsequent containment measures hurt economic activity severely, results of a survey showed on Thursday.
The Economic Barometer fell a record 28.2 points to 63.5 in April after a 10.1 points slump in March, survey data from the KOF Swiss Economic Institute showed. The massive decline was more than twice as large as previous very strong declines, the think tank said.
The readings were last lower than the current level in the first three months of 2009 during the global financial crisis.
"The Swiss economy is in crisis mode," KOF said.
The headline indicator was dragged down by all its components, led by manufacturing and other services. The indicators for the accommodation and food service activities, foreign demand, construction, consumption and for financial and insurance service providers also declined heavily.